Anderson International Ltd. is evaluating a project in Quebec. The project will create the following cash flows:

Year            Cash flow

0............. -$950,000

1................ 285,000

2................ 345,000

3................ 415,000

4................ 255,000

All cash flows will occur in Quebec and are expressed in dollars. In an attempt to improve its economy, the Quebec government has declared that all cash flows created by a foreign company are “blocked” and must be reinvested with the government for one year. The reinvestment rate for these funds is 4 percent. If Anderson uses an 11 percent required return on this project, what are the NPV and IRR of the project? Is the IRR you calculated the MIRR of the project? Why or why not?